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Michael Foot: RIP

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The former Labour leader Michael Foot has died at the age of 96. He was a brilliant man, a prolific writer (and a former New Statesman journalist), a natural orator and a legendary if infamously unsuccessful leader of the Labour Party. Oh, and he was also a devoted Plymouth Argyle fan and the oldest registered professional player to date in the history of football. (Here's a link to some related New Statesman profiles, interviews and stories.)

Personally, I can't help but agree with Craig Murray, writing on his blog in May 2009:

The sad thing is that Michael Foot was perhaps the most honourable man ever to lead a major political party in this country. Foot would never have dreamed of milking his MP's allowances, or letting anyone else do so. It is totally inconceivable that Foot would have tolerated creatures like McBride and Draper around him. He was not in politics for backstabbing and smear.

The irony is that it was Foot's innocence of the dark arts we now deplore in politicians, that led to his extreme unpopularity. He deliberately and consciously abjured the media soundbite, in favour of the well-made and complete argument that did not fit in a news bulletin.

He absolutely refused image makeover. I remember very well that this came to a head when he arrived at a cold Remembrance Day at the Cenotaph wearing a duffel coat. The Murdoch press went crazy, calling it a "donkey jacket". It was at the time as big a media sensation as the MPs' expenses claims are today.

Thank you to the Party organisation, the volunteers, the professionals who fashioned the finest political fighting machine anywhere in the world. And thanks to those that led before me . . .

My own debt of honour to Michael Foot: you led this Party when, frankly, it was incapable of being led and without ever losing a shred of your decency or your integrity. Thank you.

Also in the coming days, among the inevitably innumerable profiles, essays and obituaries, you'll hear much about Labour's 1983 general election defeat under Foot and his "crazy" left-wing election manifesto, often described as "the longest suicide note in history" (copyright: Gerald Kaufman).

But here's a thought experiment. Read this extract from the 1983 election manifesto, from the "Finance for Industry" section:

It is essential that industry has the finance it needs to support our plans for increased investment. Our proposals are set out in full in our Conference statement, The Financial Institutions. We will:

* Establish a National Investment Bank to put new resources from private institutions and from the government -- including North Sea oil revenues -- on a large scale into our industrial priorities. The bank will attract and channel savings, by agreement, in a way that guarantees these savings and improves the quality of investment in the UK. * Exercise, through the Bank of England, much closer direct control over bank lending. Agreed development plans will be concluded with the banks and other financial institutions. * Create a public bank operating through post offices, by merging the National Girobank, National Savings Bank and the Paymaster General's Office. * Set up a Securities Commission to regulate the institutions and markets of the City, including Lloyds, within a clear statutory framework. * Introduce a new Pension Schemes Act to strengthen members' rights in occupational pension schemes, clarify the role of trustees, and give members a right to equal representation, through their trade unions, on controlling bodies of the schemes. * Set up a tripartite investment monitoring agency to advise trustees and encourage improvements in investment practices and strategies.

We expect the major clearing banks to co-operate with us fully on these reforms, in the national interest. However, should they fail to do so, we shall stand ready to take one or more of them into public ownership. This will not in any way affect the integrity of customers' deposits.

Funny to see "New Labour" Brown and Darling going beyond "Old Labour" Michael Foot and Denis Healey in terms of nationalising the banks, eh? If only it had happened sooner . . . !